Today's masterclass, "Online Pricing Strategies and How to Raise Your Prices Without Losing Clients," was a revelation. It challenged many of my assumptions about pricing and provided a clear framework for setting prices that reflect my expertise and value.
The biggest pricing misconception: Low prices = more clients
The most surprising misconception debunked was the idea that lower prices attract more clients. While it might seem counterintuitive, the webinar showed that often, higher prices attract higher-quality clients who are more invested in the results and more likely to complete the program. Lower prices can attract price-sensitive customers who are less committed and less likely to achieve success, leading to lower overall returns and potentially damaging your brand perception.
Determining the right price: It's not about guesswork
The webinar emphasised a data-driven approach to pricing. Instead of arbitrarily setting prices, we were guided to analyse our value proposition, target market, and competitors' pricing strategies. The key is to focus on the transformation you provide and the results your clients achieve. By quantifying the value you deliver (e.g., time saved, increased income, improved health), you can justify a higher price point.
My pricing strategy: A three-tiered approach
Based on the webinar's insights, I'm planning a three-tiered pricing structure for my upcoming courses, catering to different budgets and levels of commitment:
Starter course (4 weeks): This introductory course will initially be offered free to build an email list and generate testimonials. After the free period, the price will range from €97 to €497 depending on the bonus offerings included and the level of support provided.
Signature course (8-12 weeks): This comprehensive program will offer a deeper dive into the topic, with more personalized support and advanced strategies. Pricing will be between €497 and €2997, reflecting the increased value and commitment level.
Group program (3-6 months): This high-touch program offers ongoing support, community interaction, and accountability, leading to even more significant transformations. Pricing for this program will range from €997 to €4997.
Key takeaways: Price with confidence
Today's masterclass wasn't just about numbers; it was about mindset. It empowered me to price my services confidently, reflecting the true value I offer and attracting clients who are truly ready to invest in their success. No more underselling my expertise! I now have a clear understanding of how to price my products effectively, maximizing profits while attracting engaged, high-value clients.
You can still join the 12 Days of Masterclasses and catch up with all the replays.
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